Lack of physical silver

[Bosworth]

Why would that be?


I'm planning on buying and storing bullion (or more likely scrap) in the same way that I've stored banknotes, I have some extra money so I'm going to put it away rather then going out and spending it.

Why? Probably paranoia. But grounded paranoia.

When fiat systems get stressed, authorities rail against stores of value that exist outside the paper system. In extremis we see the holding of such assets made illegal and physical manifestations of such assets confiscated. As it has ever been thus across history.

Specifically: holding gold was made illegal, gold privately held was seized, gold held by institutions within those jurisdictions was compelled to be given up. Very recently.

It was only after 1974 that holding gold was legal in the US. Even now all it takes is for the president to declare a crisis and it can all be seized.

Slightly less draconian in the uk and eu but make no mistake - in moments governments could very easily force you to convert every hard asset into worthless paper. They have. And they will.

So. I keep my physical gold outside of the uk and eu.

As you asked

[pseudonym]

My silver was tragically all lost in a boating accident whilst out fishing before the lockdown Officer.

[Arzosah]

I honestly doubt that kind of confiscation would happen here - it certainly happened in America, and there was Prohibition too, which never got going over here (temperance movement of the 19th century doesn't really count ). I have a theory about the psychology of America from it's history, established by people seeking to live by their religious rules (the Puritans, most visibly) and people seeking freedom from persecution and to take charge of their own lives (a big percentage of the rest). The Puritan ethos erupts occasionally, but it doesn't last. Too late for those who lost their gold back in the day, of course.

If it *did* happen here, though, it would definitely be a sign of the apocalypse come a-calling

After the boating accident you have this https://www.amazon.co.uk/PEARL-Unisex-T ... g=mh0a9-21 sorry about the length of the link. It's real, I have one - a long zip running the length of the belt, inside. Perfect for notes/ big coins. It really can't be seen.

Other stuff: wear it, like the Indian community do. And paint it - in extremis, I have some metal paint in black that would do varnish too.

I do think that if things got bad enough that you had to rely on your gold being out of the country, out of your hands, it would be almost impossible to get your mitts on it, or the money from selling it. It needs personal contacts (see below).

My Zimbabwean relatives smuggled money out of the country before it collapsed, by giving it to people who were travelling, who they trusted not to steal it (and the trust turned out to be justified) plus doing some of that themselves, especially as gold and silver jewellery (from their own mine, though, so that helped ...). In that situation, of course, the rest of the world was doing fine, comparatively.

[jansman]

I honestly doubt that kind of confiscation would happen here - it certainly happened in America, and there was Prohibition too, which never got going over here (temperance movement of the 19th century doesn't really count ). I have a theory about the psychology of America from it's history, established by people seeking to live by their religious rules (the Puritans, most visibly) and people seeking freedom from persecution and to take charge of their own lives (a big percentage of the rest). The Puritan ethos erupts occasionally, but it doesn't last. Too late for those who lost their gold back in the day, of course.

If it *did* happen here, though, it would definitely be a sign of the apocalypse come a-calling

After the boating accident you have this https://www.amazon.co.uk/PEARL-Unisex-T ... g=mh0a9-21 sorry about the length of the link. It's real, I have one - a long zip running the length of the belt, inside. Perfect for notes/ big coins. It really can't be seen.

Other stuff: wear it, like the Indian community do. And paint it - in extremis, I have some metal paint in black that would do varnish too.

I do think that if things got bad enough that you had to rely on your gold being out of the country, out of your hands, it would be almost impossible to get your mitts on it, or the money from selling it. It needs personal contacts (see below).

My Zimbabwean relatives smuggled money out of the country before it collapsed, by giving it to people who were travelling, who they trusted not to steal it (and the trust turned out to be justified) plus doing some of that themselves, especially as gold and silver jewellery (from their own mine, though, so that helped ...). In that situation, of course, the rest of the world was doing fine, comparatively.

I like that belt!
You talk about wearing your wealth...

Back in the 80’s and 90’s I was big into hunting. Not horses and hounds , but lurchers and terriers.During the Summer,the working dog shows were the places to go,to buy and sell dogs, network etc. One of the most notorious shows was Lambourn in Berkshire.The ( working class) hunting scene always attracted a rough element,and Lambourn always attracted the travelling community.That always meant dog fighting, cock fighting and bare knuckle boxing, which meant GAMBLING.

So what about Gold?

We saw an argument break out amongst a group of travellers over a welched bet on a cock fight. He was a Diddikai, and they tended back then to have gold teeth.That’s where their wealth was stored- for real. Three chaps held the Welcher down, and pulled his teeth with pliers to pay his gambling debt!

I have lived an interesting life up to now.

[Arzosah]

We saw an argument break out amongst a group of travellers over a welched bet on a cock fight. He was a Diddikai, and they tended back then to have gold teeth.That’s where their wealth was stored- for real. Three chaps held the Welcher down, and pulled his teeth with pliers to pay his gambling debt!

I have lived an interesting life up to now.

Oh wow! That's a whole different way of wearing wealth and a whole different way of accessing it!

[Kriegsgefangener]

Hi folks, buying precious metals is an area that I’d never really thought of but I’m finding the concept interesting, a friend had previously recommended it as an investment but he was more into the paper ownership which didn’t appeal then or now. Can anyone recommend any particularly good sources, a quick search gives a whole host of potential suppliers but with the sort of sums involved I’d hate to fall foul of a scam.

Also, any recommended ways of tracking the prices would also be appreciated. Price trackers seem easy enough to find but any useful tips you folks could give would be appreciated.

Thanks,

A

[jansman]

Hi folks, buying precious metals is an area that I’d never really thought of but I’m finding the concept interesting, a friend had previously recommended it as an investment but he was more into the paper ownership which didn’t appeal then or now. Can anyone recommend any particularly good sources, a quick search gives a whole host of potential suppliers but with the sort of sums involved I’d hate to fall foul of a scam.

Also, any recommended ways of tracking the prices would also be appreciated. Price trackers seem easy enough to find but any useful tips you folks could give would be appreciated.

Thanks,

A

Take a look here. https://www.bullionbypost.co.uk/?gclid= ... gIKHfD_BwE

[GillyBee]

Cooksongold supply the jewellery trade with raw materials so are reputable. They make & sell marked bars too. My silver is for a jewellery hobby - several advantages to that for me.

1) Noone has ever tried to nick the family jewellery in a fiat confiscation and jeweller's stock was exempt in 1930s America.
2) It isnt hallmarked (yet) so is valueless to anyone who comes looking. I have my own hallmark and getting a batch of makes marked is less expensive than buying premarked bars.

I might consider buying scrap hallmarked jewellery to store or remake. It would work for Ferfal's "It is a family heirloom but I need to sell it now" scenario and not classed as bullion by the gov'mnt.

[grenfell]

Though i'm a more of a "get my grubby hands on it" kind of guy i can understand Bosworth's argument and thank him for the explanation. The scenario is probably unlikely but not impossible but then it's probably equally unlikely that the economy will fail to the extent that we go back to trading precious metals , unlikely but not impossible. Also unlikely but not impossible that everything will collapse overnight so transferring the funds or travelling to the funds should still remain a possibility.
Lastly i would assume that as Bosworth seems to have thought it he won't be keeping all his golden eggs in the one basket.

[jansman]

Cooksongold supply the jewellery trade with raw materials so are reputable. They make & sell marked bars too. My silver is for a jewellery hobby - several advantages to that for me.

1) Noone has ever tried to nick the family jewellery in a fiat confiscation and jeweller's stock was exempt in 1930s America.
2) It isnt hallmarked (yet) so is valueless to anyone who comes looking. I have my own hallmark and getting a batch of makes marked is less expensive than buying premarked bars.

I might consider buying scrap hallmarked jewellery to store or remake. It would work for Ferfal's "It is a family heirloom but I need to sell it now" scenario and not classed as bullion by the gov'mnt.

IF, and it is very much if, government was to seize pm’s, there is always someone who will trade it with you for cash. Anyway, it would be an impossible task to confiscate it.There’s no way I would hand mine over.Back in the 80’s when Michael Ryan went bonkers in Hungerford with an AK47, draconian laws were brought in ( which only penalised legitimate sportsmen anyway) which made auto guns illegal. Many handed them in, but an awful lot went underground The same would happen with precious metals I suspect .